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Fed holds rates steady, flags 'lack of further progress' on inflation
The Fed's latest policy statement, issued at the end of a two-day meeting, kept key elements of its economic assessment and policy guidance intact, noting that "inflation has eased" over the past year, and framing its discussion of interest rates around the conditions under which borrowing costs can be lowered.
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GST collections hit all-time high of Rs 2.10 lakh crore in April 2024
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Election season, so what? IPO floodgates to stay open in May
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Godrej family seals terms of division; Nyrika Holkar, Pirojsha Godrej emerge key next generation leaders
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India Inc's revenue growth likely moderated to 4-6% in March quarter, weakest since September 2021
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NFRA debars Reliance Home Finance's audit engagement partner for five years for professional misconduct
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Indian startups raised VC funding worth $2.3 billion in Q1 2024, reveals GlobalData
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India Inc's overseas bond listings treble amid rate cut uncertainty
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ICAI lens on big four affiliates over their association with global entities
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India to become world's third-largest ecommerce market by 2030
Invest India forecasts India's e-commerce to soar to $325 billion by 2030, fueled by 500 million shoppers and robust internet penetration. The country's digital transformation is driven by affordable data, smartphone usage, and a focus on rural e-commerce growth.
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Indus Towers confident of cash flow boost in FY25
Indus Towers expects cash flows to improve in FY25 as it’s confident of quickly recovering its backlog of past dues from key customer, Vodafone Idea (Vi), especially as the latter has recently raised Rs 18,000 crore via the follow-on public offer (FPO) route.
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Jindal Stainless announces expansion plans worth Rs 5,400 cr, including a Indonesian JV and an acquisition
Jindal Stainless unveiled a Rs 5,400 crore investment plan focusing on expanding its melting and downstream capacities. This includes a joint venture in Indonesia for a stainless steel melt shop, expected to increase melting capacity by 40%. Additionally, investments in Odisha and a stake acquisition in Chromeni Steels aim to enhance operations.
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IndiGo gets tax demand related to input tax credit
The demand has been issued by the Deputy Commissioner of the tax department in Hyderabad. "The tax officer has denied input tax credit of Rs 21,240 availed by the company and raised the... demand," the filing said.
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Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Anil Agarwal
The Vedanta Group, led by Chairman Anil Agarwal, revealed plans to invest USD 20 billion in its Indian businesses over the next four years. Agarwal highlighted a focus on technology, electronics, and glass sectors alongside other group activities. He expressed a desire to support Bihar's growth and emphasized the necessity of robust policy support.
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Lenders seek RBI clearance to sell Jaiprakash Associates loan to NARCL
SBI-led lenders seek RBI approval to transfer JAL's ₹18,000 crore debt to NARCL for a ₹10,000 crore acquisition, impacting IBC processes and NCLT resolutions. Dalmia Cement offers ₹5,666 crore for JAL's units amid ongoing litigations.
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IRDAI nod likely soon for IIHL's buyout of Reliance Capital's three insurance arms
IRDAI expected to approve IndusInd International Holdings' acquisition of Reliance Capital's 3 insurance companies. NCLT endorsed IIHL's ₹9,650 crore resolution plan for Reliance Capital. Hinduja Group's Aasia Enterprises aids in equity infusion.
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Pay Rs 50 cr to engine lessors or face grounding: Delhi High Court's 'one last opportunity' to SpiceJet
The Delhi High Court granted SpiceJet "one last opportunity" to pay Rs 50 crore to its engine lessors, Team France and Sunbird France, or face grounding of two engines. Justice Pratibha Singh instructed SpiceJet's counsel to confirm by Friday a reasonable timeframe for payment and whether one grounded engine can be returned. SpiceJet owes $10.84 million, having paid over $5 million since December.
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Girish Mathrubootham steps down as Freshworks CEO; Dennis Woodside takes charge
Freshworks president Dennis Woodside appointed as new CEO. Mathrubootham to be redesignated as executive chairman. Recently his performance-based stock incentives were cancelled recently citing macroeconomic concerns. The Freshworks stock fell on the back of the news development.
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India could allow a tiny window in the Chinese wall
In the wake of border tensions, the Indian government has been looking askance at investments by Chinese companies in India. Press Note 3 norms issued in 2020 stipulated that a company based in a country that shares a land border with India (such as China) can invest only after government clearance.
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Fed holds rates steady, flags 'lack of further progress' on inflation
The Fed's latest policy statement, issued at the end of a two-day meeting, kept key elements of its economic assessment and policy guidance intact, noting that "inflation has eased" over the past year, and framing its discussion of interest rates around the conditions under which borrowing costs can be lowered.
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Financial Inclusion and Fintech: Bridging Gaps and Driving Economic Equality
Embark on a journey with Vivek Veda, Co-Founder & CFO of KreditBee, as he unveils India's Fintech Renaissance, showcasing its pivotal role in bridging gaps, fostering inclusion, and propelling economic equality.
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GST collections hit all-time high of Rs 2.10 lakh crore in April 2024
India's Gross Goods and Services Tax (GST) collections have reached a historic milestone, surpassing the Rs 2 lakh crore mark for the first time since the inception of GST in July 2017.
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Sebi to revamp norms to ensure fairness for AMCs
The regulator said such FPIs with NRIs and OCIs as clients should be based out of International Financial Services Centres (IFSCs) in India and regulated by the International Financial Services Centres Authority (IFSCA).
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Cleartrip CFO Aditya Agarwal steps down as top-level shakeup continues
Cleartrip's CFO Aditya Agarwal resigns amid Flipkart's senior management changes. Akshat Mishra to succeed him. Agarwal's key role in Cleartrip's integration into Flipkart highlighted. Former CEO Ayyappan R departing for consumer tech venture. Layoffs impacting 5-7% employees after Flipkart Group acquisition.
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KVS Manian likely to join Federal Bank after stepping down from Kotak Mahindra
At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other opportunities in the financial services sector that he is currently exploring. Manian also stepped down from his position on the board of the bank.
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RBI cautions banks on gold loan disbursals through fintech startups
RBI cautions banks on gold loan disbursement concerns through fintechs like Rupeek, IndiaGold, and Oro Money. Banks evaluating next steps post IIFL Finance issue. Asset quality improved at Rupeek, with partnerships with Federal Bank, Indian Bank, and South Indian Bank.
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Tata Comm taking sustainable route for $1 billion fundraising goal
Bank of America advises Tata Communications on a $1 billion fund framework incorporating ESG standards. The funds will refinance existing loans, structure fresh loans, and offer pricing benefits tied to environmental, social, and governance targets.
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GCCs emerge as a key cog in telcos’ enterprise play
India’s top telcos are investing significantly in offshore units, known as global captivity centers (GCCs), resulting in strategic partnerships and tailored solutions. With the number of GCCs growing, enterprise revenue is expected to reach Rs 30,000 crore in FY24, impacting connectivity and network densification in tier-2 and tier-3 cities.
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Not too worried about rural demand dipping or any pressure in urban side: Amul India MD
Amul's Jayen Mehta notes 10%+ growth in dairy products, with fresh products up 14-15%. Daily Rs 200 crore milk purchase aids rural economy. 38% turnover from towns <20,000. Market expansion and competition focus highlighted.